A Decade Of Rising Visitor Numbers, Lower Room Rates & New Challenges In NYC
On Tuesday 20 September, Vijay Dandapani (President of Apple Core Hotels and Vice Chairperson of NYSHTA) shared his experiences of launching independent budget hotels, the state of the industry post 9/11 and the most recent economic turmoil.
On Tuesday 20 September, Mr Dandapani shared his experiences of launching independent budget hotels in New York (see Editors Notes for details on The Hotel @ Times Square and nyma, the new york manhattan hotel), the state of the industry post 9/11 and the most recent economic turmoil. Here’s a few key statements from the event:
Latest statistics show that foreign visitor numbers have risen by four million since 2001, from 4.8 million to 8.8 million so far this year. For the city as a whole, this healthy number represents 22 per cent of all visitors to New York City. Interestingly, for the Apple Core Hotels brand, this percentage increases to 30 per cent of all guests – a figure the company is keen to cultivate.
Mr Dandapani advised that a major contributing factor to this high percentage is the discounted price of hotel room rates, on average dropping 20 to 25 per cent in the last decade – guaranteeing great deals across the board!
This negative correlation has meant that “all hoteliers have had to keep on their toes,” it is for this reason that Apple Core Hotels have created a strong ‘good-value’
In addition, as Vice Chairperson (soon to be Chairperson)
All in all, New York City’s hotel industry has grown from strength to strength in the last decade, not just in visitor numbers but also in the diverse products on offer, with trends showing a definite move to smaller, more boutique yet greater value hotels (due to rising overheads). The boroughs around Manhattan have also increased in popularity. Mr Dandapani concluded that in order to sustain this growth, the industry must continue to adapt to changing markets and their needs as well as economic and regulatory changes and the implications that follow.
Note To Editors:
Apple Core Hotels owns and manages two independent hotels in New York. These include The Hotel @ Times Square and nyma, the new york manhattan hotel. The two distinctive brands offer affordable, stylish accommodation with first-class facilities for those cost-conscious travellers that want to be right in the heart of midtown New York. In fact, both hotels offer room rates from as little as $119.99 per night (based on two sharing). What’s more, children aged 12 and under stay free of charge.
The 171-room nyma, the new york manhattan hotel was launched in May 2011 and is conveniently situated between Broadway and Fifth Avenue, with the Empire State Building, Macy's, Penn Station and Madison Square Garden on its doorstep. www.thenewyorkmanhattanhotel.com
Located on 59 West 46th Street, The Hotel @ Times Square offers 208-rooms and is close to the Rockefeller Center, Times Square, the Theatre District, the Museum of Modern Art, Grand Central Station and Fifth Avenue shopping. www.thehotelattimessquare.com
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